Rupee continues downward trend against dollar in interbank

The Pakistani rupee maintained its downward trend for the eighth consecutive working day, as it fell by Rs1.18 against the US dollar in the interbank market. 

According to the Forex Association of Pakistan (FAP), the Pakistani rupee dropped to Rs231, after losing Rs1.18 during intraday trading in the interbank market.

Meanwhile, the currency dealers at the open market continued to sell the domestic currency at Rs236 to Rs238 for one dollar, the forex association added.

The rupee has cumulatively lost 5.13 percent (or Rs11.22) in interbank market in the past seven successive working days compared to the recorded rate of Rs218.6 on August 1, 2022. The currency had previously hit an all-time low of Rs239.94 on July 28, 2022.

A day earlier, the US dollar continued its upward trajectory in the exchange market against rupee despite Pakistan receiving a US$1.16 billion loan tranche from the International Monetary Fund (IMF).

The rupee’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the IMF.

Article source: https://www.nation.com.pk/13-Sep-2022/rupee-continues-downward-trend-against-dollar-in-interbank